Credit Card Balances show as negative balances
esatterfield
Member Posts: 4
My credit card balances all show as negative numbers. This is causing my balance sheet and net worth reports to be off greatly. Am I missing something? How can I correct this?
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Comments
esatterfield,
Is your credit card connected to Wave? I've seen this when you import via csv or some other file. This is due to how the credit company shows charges and payments. Here is what I've done for clients. Download the csv for the time period to be uploaded. Now let's say column B has the transactions and all the charges are a positive number while the payment is negative. In another column (let's say E) I would do -column B. Copy down. Now I have the inverse in the column E. I then copy column E and paste values in Column B. Delete column E. Save and import.
Mike G, CPA
www.mgfinancial.net
Better Service - Better Pricing
The accounts are connected to Wave and auto-import. I guess I could switch to a monthly manual import for this work around but that's a lot of added work.
Hmmm. Not sure why that would be. I've not seen that with connected accounts. Be happy to take a look at it if you want over the weekend. If you're open to that let me know.
Thank you! I'll let you know.
I found it. The starting balances were entered as deposits instead of withdrawals on the first import. That switch corrected everything.
Awesome, glad you were able to find it. Best of luck!